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| want-satisfying power of a good / service |
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| organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefits the organization and its stakeholders |
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| activity in which two or more parties give something of value to each other to satisfy perceived needs |
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| business philosophy incorporating the marketing concept that emphasizes first determining unmet consumer needs and then designing a system for satisfying of achieving long-run success |
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| companywide consumer orientation with the objective of achieving long-run success |
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| development and maintenance of long-term, cost-effective relationships with individual customers, suppliers, employees, and other partners for mutual benefit |
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| management's failure to recognize the scope of its business |
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| marketing efforts designed to cultivate the attention and preference of a target market toward a person |
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| marketing efforts designed to attract visitors to a particular area; improve consumer images of a city, state, or nation; and or attract new business |
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| identification and marketing of a social issue, cause, or idea to selected target markets |
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| marketing of sporting, cultural, and charitable activities to selected target markets |
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| marketing efforts of mutual-benefit organizations, service organizations, and government organizations that seek to influence others to accept their goals, receive their services, or contribute to them in some way |
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| partnerships in which two or more companies combine resources and capital to create competitive advantages in a new market |
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| process of anticipating future events and conditions and of determining the best way to achieve organizational objectives |
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| implementing planning activities devoted to achieving marketing objectives |
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| process of determining an organization's primary objectives and adopting courses of action that will achieve these objectives |
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| planning that guides the implementation of activities specified in the strategic plan |
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| essential purpose that differentiates one company from others |
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| model developed by strategy expert michael porter that identifies five competitive forces that influence planning strategies |
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| theory advocating that the company first to offer a product in a marketplace will be th long-term market winner |
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| theory that advocates observing closely the innovations of first movers and then improving on them to gain advantage in the market place |
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| review that helps planners compare internal organizational strengths and weaknesses with external opportunities and threats |
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| limited periods when key requirements of a market and a firm's particular competencies best fit together |
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| blending of the four strategy elements--product, pricing, promotion, distribution--to fit the needs and preferences of a specific target market |
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| key business units within diversified firms |
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| strategic business unit (SBU) |
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| process through which buyers make purchase decision |
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| values, beliefs, preferences, and tastes handed down from one generation to the next |
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| people or institutions whose opinions are valued and to whom a person looks for guidance in his or her own behavior, values, and conduct, such as spouse, family, friends, or celebrities |
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| trendsetters who purchase new products before others in a group and then influence others in their purchases |
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| imbalance between a consumer's actual and desired states |
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| inner state that directs a person toward the goal of satisfying a need |
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| meaning that a person attributes to incoming stimuli gathered through the five sense |
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| person's enduring favorable or unfavorable evaluations, emotions, or action tendencies toward some object/ideas |
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| knowledge or skill acquired as a result of experience, which changes consumer behavior |
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| person's multifaceted picture of himself or herself |
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| number of alternatives a consumer actually considers in making a purchase decision |
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| features a consumer considers in choosing among alternatives |
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| imbalance among knowledge, beliefs, and attitudes that occurs after an action or decision, such as a purchase |
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| process of collecting and using information for marketing decision making |
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| process of discussing a marketing problem with informed sources both within and outside the firm and examining information from secondary source |
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| previously published information |
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| information collected for a specific investigation |
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| process of selecting survey respondents or research participants |
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| sample that gives every member of the population a chance of being selected |
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| sample that involves personal judgement somewhere in the selection process |
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| observational research method developed by social anthropologists in which customers are observed in their natural setting and their behavior is interpreted based on a n understanding of social and cultural characteristics; ethnography |
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| simultaneous personal interview of a small group of individuals that relies on group discussion about a certain topic |
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| marketing information system component that links a decision maker with relevant databases and analysis tools |
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| marketing decision support system (MDSS) |
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| group of people with sufficient purchasing power, authority, and willingness to buy |
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| group of people to whom a firm decides to direct its marketing efforts and ultimately its goods and services |
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| goods and services purchased for use either directly or indirectly in the production of other goods and services for resale |
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| division of the total market into smaller, relatively homogeneous groups |
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| division of an overall market into homogeneous groups based on their location |
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| division of overall market into homogeneous groups based on variables such as gender, age, income, occupation, education, sexual orientation, household size, and stage in the family life cycle; socioeconomic segmentation |
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| division of a population into groups having similar attitudes, values, and lifestyle |
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| psychographic segmentation |
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| division of a population into groups having similar attitudes, values, and lifestyle |
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| psychographic segmentation |
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| division of population into homogeneous groups based on their relationships to a product |
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| product-related segmentation |
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| strategy that focuses on producing a single product and marketing it to all customers; mass marketing |
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| undifferentiated marketing |
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| strategy that focuses on producing several products and pricing, promoting, and distributing them with different marketing mixes designed to satisfy smaller segments |
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| focusing marketing efforts on satisfying a single market segment; niche marketing |
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| targeting potential customers at very narrow, basic levels such as by zip code, specific occupation, of lifestyle--possibly even individuals themselves |
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| placing a product at a certain point or location within a market in the minds of prospective buyers |
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| changing the position it holds in the minds of prospective buyers relative to the positions of competing products |
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| it provides a valuable tool in helping managers position products by graphically illustrating consumers' perceptions of competing products within an industry |
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| it holds that a big percentage of product's revenues (80%) comes from a relatively small, loyal percentage of total customers (20%) |
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| the largest segment, value professional and material goals more than the other groups |
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| the largest segment, value professional and material goals more than the other groups |
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| the segment that values duty and tradition |
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| the segment that emphasizes social issues and societal well-being |
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| the segment that values family and personal relationships |
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| the segment that focuses on personal enjoyment and pleasurable experiences |
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| the segment that focuses on personal enjoyment and pleasurable experiences |
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| the smallest segment, seeks education, technology and knowledge |
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| the tendency of members of a generation to be influenced and bound together by significant events occurring during their key formative years |
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| the process of searching through computerized data files to detect patterns |
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| the total group of people the researcher wants to study |
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| researchers select a sample of subgroups from which they draw respondents |
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| nonprobability sample selected from among readily available respondents |
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| convenience sample (accidental sample) |
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| randomly selected subsamples of different groups are represented in the total sample |
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| every member of the relevant universe has an equal opportunity of selection |
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| a tentative explanation for some specific event |
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| an organization that regularly provides a standardized set of data to all customers |
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| an organization that contracts with clients to conduct complete marketing research projects |
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| full-service research supplier |
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| a marketing research firm that specializes in a limited number of activities |
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Definition
| limited-service research supplier |
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| the process of applying a series of rewards and reinforcements to permit ore complex behavior to evolve |
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| any strong stimulus that impels action |
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| any object in the environment that determines the nature of the consumer's response to a drive |
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| an individual's reaction to a set of cues and drives |
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| the reduction in drive that results from a proper response |
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| the subconscious receipt of incoming information |
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| the mental filtering process through which all inputs must pass |
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| the relative position of any individual member in a group |
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| this defines behavior that members of a group expect of individuals who hold specific positions within that group |
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| the degree to which newcomers have adapted to US culture |
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| groups with their own distinct modes of behavior |
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| this represents units with high market shares in high-growth markets |
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| this command high market shares in low-growth markets |
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| this achieves low market shares in high-growth markets |
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| this manage only low market shares in low-growth markets |
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| the percentage of a market that a firm currently controls |
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| goals, in its complete mission statement |
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| an overall, companywide program for selecting a particular target market and then satisfying consumers in that market through a careful blending of the elements of the marketing mix |
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| it involves marketing philosophies, policies, procedures, and actions whose primary objective is to enhance society |
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| being replaced by a different, longer-term approach that emphasizes building relationships with one customer at a time |
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Definition
| transaction-based marketing |
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| the revenues and intangible benefits that customer brings to an organization over an average lifetime, minus the investment the firm has made to attract and keep the customer |
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Definition
| lifetime value of a customer |
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